Jeweller - October 2022

counter that loss.
If you choose those moments right, you
may improve your word-of-mouth, while
decreasing your costs in other places.
Offer self-service
Another method for improving customer
experience while still lowering costs is by
optimising your self-service capabilities.
Explore methods for prompting customers
to find the solutions to issues on their
own. A perfect example of that is Dutch
e-commerce company Coolblue. It
constantly monitors the questions asked in
their contact centre and then creates short
and simple explainer videos for those
questions that are commonly repeated.
Coolblue has exceeded 130 million views
on its videos.
The success for Coolblue in this example
is two-fold. Firstly, the business has sent
clear messaging to customers that it is
not only a provider of products, but also
a reliable resource for troubleshooting
issues around its products.
Secondly, Coolblue has reduced the
overheads associated with operating a
customer contact centre, as staff field
less questions when customers can easily
access solutions online.
The long term
So, what about the big picture and is there
a long-term solution to handling customer
concerns regarding inflation?
In my experience, there is one crucial
question to be asked of an organisation:
Are you willing to sacrifice as a business
in the short term to win trust in the long
run? Are you willing to experience some
pain right now to maintain a healthy
customer relationship?
In my latest book, I discussed the ‘offer
you can’t refuse’ model.
If you’re not familiar with it, this is a brief
summary - the bare minimum demand
of today’s market is that you meet the
following requirements: a good product,
service and price, paired with digital
convenience.
These four criteria are the recipe for a
quality transactional relationship in 2022.
However, that’s only half of the story, the
bottom half. The top of the model is about
being a ‘partner in life’ which means
fostering a more in-depth customer
relationship based around positive
business contributions to the community.
The concept of a great offering and digital
convenience – is what helped us through
COVID in a transactional context. The top
of the model is the aspect that will help
businesses survive these times of high
inflation.
If you succeed in increasing your value
to the customer and to society, you will
be able to develop a more enduring
emotional relationship. You will keep
customers loyal to your brand in difficult
times by helping them create positive
change in their lives.
Lasting impact
Ideas and inspiration can be found for
jewellery retailers in other sectors.
When the pandemic began many in the
restaurant industry began offering home
deliveries to keep customers engaged and
donating leftover food to those in need via
charities sends the message to customers
that these businesses value the health of
the community around them.
In real estate, going above and beyond
with a customer is what creates longterm
connections. An agent who goes
above and beyond to help a tenant find the
right location to live will be remembered.
SHORT
TERM FIXES
Increase
product prices
Ensure that you
have a reliable
explanation
prepared for your
customers.
Cut
operational
costs
If cost-cutting
is unavoidable,
ensure customer
experience
doesn’t suffer as
a result.
Self-service
Help your
customers help
themselves.
Likewise for a landlord who is conscious
of rises in the cost of living and willing
to alter agreements with tenants to help
them through difficult times.
Jewellery retailers should be able to
utilise similar options in difficult economic
times.
Remaining engaged with customers via
social media, offering videos showcasing
the latest products. Exploring reduced
prices wherever possible, for example, via
a loyalty program. Enter the business in
community events and supporting local
charities keeps a store active in the minds
of customers.
Ensure that when a customer does visit
your store, their needs are answered
by quality customer service which
guarantees that the next time they’re
in the market for jewellery, they’ll be
returning to your store.
Conclusion
Are you willing to sacrifice in the short
term to create trust in the long run?
Answering this question correctly is
essential in periods of inflation. Why?
You must always be aware that you, as a
business, are not the only one looking to
cut costs!
Your customers are also in cost-cutting
mode and feeling similar financial
pressures. And therefore your biggest
challenge, in over the next few months and
maybe years, is to make yourself so likeable
and even indispensable, that customers do
not cut you out of their budget.
STEVEN VAN BELLEGHEM
provides coaching, workshops and
advice about social media and
conversation management. Learn More:
stevenvanbelleghem.com
October 2022 | 67